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Prime Finance’s $17M Loan Buys Indianapolis’ Historic Stutz Factory

By February 2, 2021 May 3rd, 2021 No Comments

Commercial real estate financier Prime Finance has provided just under $17.3 million in bridge debt to New York-based private equity firm SomeraRoad for its purchase of a majority interest in the historic Stutz Factory building several blocks north of Indianapolis’ central business district, Commercial Observer has learned.

SomeraRoad bought the majority stake off-market, with plans to undergo a gradual, multi-year redevelopment of the former Stutz Motor Car Co. factory, which was originally built in 1911 and served as an auto manufacturing plant for the company until around 1934. The purchase price was not disclosed, but sources said the cost of the first phase of the redevelopment will be around $65 million. This bridge financing from Prime closed on Jan. 28.